Africa Energy Corp. (TSXV: AFE) (Nasdaq First North: AEC) (“Africa Energy” or the “Company”) announces that CNR International (South Africa) Limited (“CNR”) has provided notice to the joint venture partners that it will withdraw from its 20% interest in accordance with the joint operating agreement in respect of Block 11B/12B, Offshore the Republic of South Africa (“JOA”).
Continental group the African Petroleum Producers Organization (APPO), in collaboration with multilateral financial institution the African Export-Import Bank (Afreximbank) has signed the requisite documents for the establishment of the Africa Energy Bank – an institution set up to facilitate, promote and finance the development of oil, gas and energy industries in Africa. The signing ceremony was held in Cairo on Monday June 3 and marked the official creation of the institution.
Many African countries face challenges in developing and utilising their energy resources. These challenges include lack of access to capital, inadequate infrastructure, unclear regulations, and limited local expertise.
In a move set to redefine the energy dynamics of the African continent, Afreximbank and the African Petroleum Producer Organisation (APPO) are poised to launch the African Energy Bank (AEB). This groundbreaking initiative aims to catalyze the advancement of oil and gas projects across Africa, thereby fostering the continent’s socio-economic development.
The 2023 edition of the biggest gathering of energy stakeholders and policymakers on the continent, African Energy Week (AEW) – organized by the African Energy Chamber (http://www.EnergyChamber.org) – featured a country spotlight roundtable on Angola, showcasing the country’s abundant reserves and favorable business environment.
Altera Infrastructure has been awarded contracts for the redeployment of the FPSO Voyageur Spirit and the shuttle tanker Nordic Brasilia for the Baleine Phase 2 project, located offshore Ivory Coast.
Africa is yet to see anything close to a full return on its massive oil and gas resources. With one-third of the continent – almost 500 million people – still having no access to electricity, ending energy poverty across Africa is among the planet’s most urgent challenges.
The oil and gas industry is essential to solving current global energy challenges, including playing a “critical” role in scaling up renewable energy, Cop28 President-designate Dr Sultan Al Jaber has said.
Natural gas has been dubbed the ‘fuel of the future’ in Africa, largely due to its availability and sustainability. With over 620 trillion cubic feet of proven gas resources across the continent, the development of the industry offers newfound opportunities for Africa to tap into an alternative energy supply.
Dr. Matthew Opoku Prempeh, Energy Minister, says Ghana is taking the necessary steps to gradually switch from the use of fossil fuels to carbon-free and renewable energy sources.